ForumsStarting a Business

Up to All Forums

This Question is Possibly Answered

1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)

4 Replies Last post: Sep 18, 2008 3:01 PM by green.ins

LLC HELP ??????????Insurance???

Sep 11, 2008 11:43 PM

Gurevichm 1 posts since
Sep 11, 2008

Hello

Once your register your LLC. What is the next step? I know you go to the bank open an account. They will give you your Tax ID number. Then what do you do?

I know I have to have a liability insurance. Do I have to have medical insurance for both my personal name and my LLC name? I have medical insurance now but will I have to add the company?

Thanks

Tags: Report as inappropriate

GrowthCurve 152 posts since
Jan 25, 2008

1. Re: LLC HELP ??????????Insurance??? Sep 12, 2008 4:54 AM

The bank does not give tax ID numbers. The IRS does that. You can apply online:
http://www.irs.gov/businesses/small/article/0,,id=102767,00.html

Do you "need" liability insurance? Maybe, maybe not. Depends on your business.

Your business does not need medical insurance (if you mean health insurance) as a business is not a natural person and does not go see a doctor. You do not need to add your business to your health insurance, nor is this even an option.

Report as inappropriate

LUCKIEST 7,935 posts since
Aug 6, 2007

2. Re: LLC HELP ??????????Insurance??? Sep 12, 2008 6:33 AM

LLC HELP ??, Welcome

Tell us more, Who are you?? Where are you?? What kind of business??

Everybody in business should have an Accountant, A Lawyer and an Insurance Agent.

Do you know about SCORE. SCORE is FREE and can help.

LUCKIEST

Report as inappropriate

Bridge 364 posts since
Jun 3, 2008

3. Re: LLC HELP ??????????Insurance??? Sep 12, 2008 8:14 AM

After you register your LLC, You apply with the IRS for an E.I.N. (Employer Identification Number) also know as a tax I.D.

Generally, you will need this in order to open up a checking account in your company's name.

Depending on the type of business your are in, insurance might be required by some regulatory agency. If not, the decision to get insurance is yours based on your business type and risk tolerance. If you are a new business with relatively few assets, what is the insurance protecting?

Report as inappropriate

green.ins 6 posts since
Sep 18, 2008

4. Re: LLC HELP ??????????Insurance??? Sep 18, 2008 3:01 PM

Correct me if I'm wrong, but I think the question about health insurance was asking whether both the individual and the business had to carry insurance for the employees. Group benefits are just that, benefits. You don't need to do anything with your current health insurance, except continue to pay the premium. If you, as a business owner, decide to provide medical benefits to your employees, then, depending on your states' regulations, you would apply for coverage in your business name with your employees as the applicants for the coverage. If you would like to discuss further, please give me a call. Jason at 405/973-1735 or jason@ticokc.com

Report as inappropriate

Bank of America, N.A. Member FDIC. Equal Housing Lender

Bank of America is not responsible for user posts and other user content appearing on this website and does not endorse or guarantee the perspectives, the advice, the users, the businesses, or the products or services sold by any users or businesses that appear on this website.

ForumsStarting a Business

This Question is Possibly Answered

LLC HELP ??????????Insurance???

Sep 11, 2008 11:43 PM

More Like This

Most Recent Forum Posts

Legend